Financing in Eudora>Question Details

Debbi, Home Buyer in Melbourne, FL

Showed W-2's, gave work info, told loan officer I had accts. with her bank and discussed how long I"ve rented. Says prequalified, Shouldnt

Asked by Debbi, Melbourne, FL Wed Oct 28, 2009

I be preapp

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Lynn Crosby’s answer
It depends on how term(s) are used. Have you been issued a lender letter of statement of what type of loan, % as down payment, interest rate and etc.

It can take approx. 4 -5 working days complete a file based on information provided.

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0 votes Thank Flag Link Wed Oct 28, 2009
Ask the loan officer if they've pulled your credit scores and run your data through the underwriting computer pre-approval system (AUS). If the loan officer did this and received a positive response, he or she should be able to give you a "pre-approval" letter with conditions if any. Keep in mind that all of your loan documentation (w-2's, bank statements, etc.) still have to be reviewed by the lender's human underwriter. This normally does't happen until the loan application is complete down to the appraisal on the home you are buying. Occassionally, underwriters will have comments or additional doc requirements for you to meet prior to closing.
0 votes Thank Flag Link Wed Oct 28, 2009
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